Our Mortgage Broker Guide to getting a mortgage in Morden
The mortgage application process has 4 stages regardless of which mortgage lender you use:
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Mortgage Broker Tip 1 | Mortgage Broker Tip 2 |
Pay off debts with savingsInformation about any debt you owe to lenders and institutions can be accessed by other lenders and too much debt held generally lessens your credit score.
It invariably makes sense to pay off debts using your savings; the chances are any returns you make on savings are likely to be smaller than the interest and charges you have to pay for holding debt. | Variable Rate MortgageVariable rate mortgages are mortgage loans where the interest rate payable on the loan can go up or down because it moves along with an underlying index, most commonly the Bank of England base rate (although your lender may have the right to change the rate autonomously, without there being any change in the base rate).
Often, the initial interest rate charged on this kind of mortgage can be cheaper than that offered in a fixed rate mortgage, however this is subject to change. One plus of a variable rate mortgage is that you can leave it at any time without charge; in comparison, early repayment charges levied for leaving a fixed interest mortgage are very high. |
Morden is a district in south-southwest London, in Merton Borough, around 8 miles from Central London.
There are plenty of shops, amenities and homes in the area and open spaces nearby such as Wimbledon Common.
You can have a fun time at Morden Hall Park, a National Trust riverside parkland estate; it's a great place to go for a bike ride and has a good cafe.